Tour Solad, Paris, France

Flag-France

Investment Date
Q1 2016

Exit Date
Q3 2018
(Projected)

Asset type
Office

Revcap strategy
Active Asset Management

Revcap Fund
KHCP III

Investment Type
Joint Venture Equity

Background and Opportunity

  • 14 storey office tower in Puteaux, adjacent to La Défense, Paris’ principal business district acquired with a vacancy rate of 30%
  • The 12,663m² property was held in a dysfunctional co-ownership structure with multiple owners meaning little had been done to enhance or improve the overall asset
  • The JV’s business plan is to renovate the vacant space, façade and public areas to facilitate lease up and to return the property towards market rents

Transaction Progress

  • 100% ownership simultaneously acquired from three different sellers
  • Lease up has started at levels materially ahead of underwriting
  • Options being considered for refurbishment

Current Status

  • Two vacant floors have been stripped back and renovated
  • Options for the renovation of the façade are being evaluated
  • Creation of a reconfigured retail unit and entrance at ground floor level is in planning stages

SIMILAR INVESTMENTS

  • Compass Portfolio, Stockholm, Sweden
  • Bread Factory, Helsinki, Finland
  • L’Hippodrome, Toulouse, France
  • Le Picasso, Nanterre, France